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PEPE has witnessed a notable decline in whale transfers in the past 90 days.
IntoTheBlock data shows large transactions plunged from December 9 at 1,520 to this week’s 155.
That reflects a significant 880% dip, indicating dwindled whale interest in the frog-themed token.
Amidst the uncertainty, renowned cryptocurrency analyst Ali Martinez forecasts a potential rebound to $0.000016.
However, PEPE should hold a crucial support zone to pull such a move.
Will the faded interest from large-scale players delay the predicted surge?
PEPE whales surrender
PEPE’s large transactions hit the 1,520 highs in early December when broad-based rallies propelled prices to $0.000026.
However, the figure dipped continuously to this week’s low of 155.
Source – IntoTheBlockThe substantial dip coincided with PEPE’s 62% price dip to $0.000010 from $0.000026.
That demonstrated the potential correlation between price actions and transaction volume.
Further, muted whale activity signals reduced interest and liquidity in the PepeCoin ecosystem.
Reduced trading from large-scale investors and the faded confidence exerts bearish pressure on the altcoin.
On-chain metrics confirm PEPE’s downward trajectory.
The negative net network growth highlights a stonewashed interest in the alt.
Also, the “In the Money” displays reduced profitability, which might make it challenging for PEPE to attract new players.
PEPE price outlook
The meme coin lost over 5% within the past day to trade at $0.00009053.
Its daily chart demonstrates PepeCoin’s dire conditions, positioning the alt for further declines.
Chart by CoinmarketcapPEPE has struggled over the past few sessions, losing nearly 40% in the previous month.
The massive increase in volume signals more pain as it suggests dumps by Futures traders.
Technical indicators indicate bear dominance.
Firstly, PEPE hovers beneath the 200-EMA, suggesting overwhelming bearishness.
Also, the OBV signaled heightened selling momentum as it plummeted alongside PEPE’s price.
PEPE could dip towards the support region at $0.00000783.
Extended dips could call for $0.00000645 – a 28% decline from the current price.
Nevertheless, PEPE boasts a reliable support zone that might provide a reversal Launchpad amid buyer comeback.
Ali Martinez highlighted a parallel channel that has defined PEPE price actions in the past sessions.
$PEPE is holding above the lower boundary of this parallel channel. If support holds, a rebound to $0.000016 could be next!
Meanwhile, the token holds above the channel’s lower boundary, which might trigger rebounds to $0.000016.
That would mean a more than 43% upswing from PEPE’s prevailing prices.
However, enthusiasts should monitor broad market sentiments to gauge PEPE’s potential direction.
Cryptocurrencies remained indecisive as Bitcoin stays stuck around the $95,000 region.
Analyst Michael van de Poppe anticipates an imminent bull run due to surged institutional flows, yields, and money supply.
Where are we? In terms of #Altcoins, we’re at depression stage. The bull run hasn’t even started. It is about to start, as money supply, Yields and institutional inflow are all going in the right direction.
Meanwhile, the meme crypto sector experienced negativity amid increased rug pulls involving high-profile individuals.
Events such as the LIBRA case and the Trump family’s struggling meme cryptos have diminished enthusiasm in the sector.
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